I.C · The Insurance Marketplace
Agency names, address changes and background reporting
The Department of Insurance needs to know who you are, what you call yourself and where to reach you. A misleading name, a stale address or a hidden conviction defeats that.
Agency names (10 CCR §2052.4; Ins. Code §1724.5):
An approvable name has the word "insurance" followed by a definitive word such as "agency" or "services" (Sunrise Insurance Agency).
"Insurance" may not be the last word of the name, because that suggests the business is an insurer (Sunrise Insurance).
Words such as "Federal" and "Trust" are barred.
The commissioner may disapprove any name that may mislead the public, or a filing beyond two names including the true name.
Change of address (Ins. Code §1729): a licensee must notify the commissioner immediately, using an approved electronic service, of a change in email, residence, principal business or mailing address.
Background information (Ins. Code §1729.2): an applicant or licensee must notify the commissioner when any background information changes after the application is submitted or the license is issued. Background information includes a misdemeanor or felony conviction, and the outline also names administrative actions. Notice is required in writing within 30 days of any change. Current §1729.2(d) runs the 30 days from the date the applicant or licensee learns of the change; for the exam, follow the outline: within 30 days.
Remember
· Name: "Insurance" + a definitive word (Agency, Services); never "Insurance" last; no "Federal" or "Trust".
· Address change: immediately (§1729). Background change such as a conviction: in writing within 30 days (§1729.2).
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